Clay Siegall, chief executive officer at Seattle Genetics spoke to Business Journal in March 2016 about the growth of the biotechnology company from 2015 through 2016. Siegall said the company is in the process of developing 12 new drugs and hiring 120 additional employees before the end of this year. The company is already testing its commercial drug, Adcetris for cancer treatments and more than 70 trials to treat different types of lymphomas. Siegall also released information about the company’s advanced clinical trial of the drug to treat Hodgkin lymphoma. Adcetris trials will have an enormous influence on Seattle Genetics once all results are examined carefully.
According to a guidance correspondence to the company’s investors, the drug generated approximately $226 million in net sales in the United States. Adcetris sales in Canada are forecasted to reach up to $275 million from 2015 to the end of 2016. Partnering company of Seattle Genetics, Takeda Pharmaceutical also markets the drug in other countries beside Canada and the U.S. Adcetris is the first commercial drug developed by Seattle Genetics.
Seattle Genetics was co-founded in 1998 by, CEO, chairman and president, Clay Siegall. After earning his BA degree and PhD degree from University of Maryland and George Washington University, Siegall worked at the National Cancer Institute, Bristol Myers, National Institutes of Health, and Squibb Pharmaceutical. Dr. Siegall holds 15 patents and has published over 70 works as an acclaimed author. A new drug, Alcanza is developed by the company with plans of getting it into phase three clinical trials in 2016 to treat AML (acute myeloid leukemia).
Siegall also mentioned to Business Journal the company is releasing data about three new drugs to treat bladder cancer and breast cancer. By the end of this year, he said the company will add 100 employees to the headquartered office in Bothell, Washington. Approximately 20 employees will be added to the Seattle Genetics office in Switzerland. The company is meeting its desired goal noted in its 2016 second quarter financial report to expand Adcetris opportunities.
Seattle Genetics (SGEN) is expecting massive funding growth, according to a report in Healthcare.inc. The Bothell-based biotech outfit recently announced that the $480 million stock offering is being boosted up to $582 million.
Company CEO Clay Siegall said vigorous investor interest is the primary reason for the increase. He also noted that the funds will go further than just developing cancer drugs. The company will also see an expansion in infrastructer and hiring.
Siegall says he expects at least 500 people to be hired by 2020. To accommodate the increasing workforce, the company is leasing other spaces in the Bothell area.
“We are definitely on the incline,” said Siegall. “I fully expect to have even more buildings in the near future.”
Founded in 1998, Seattle Genetics is one of the most reputable and successful biotech companies in the Puget Sound area.
“The fact that we are not turning a great profit right now, is not a major concern. That will definitely happen down the road.”
Many biotech companies take some time before they see a profit. In the interim, Seattle Genetics is focusing on expanding the use for the cancer drug Acedtris.
Clay Siegall is a the founder and CEO of Seattle Genetics. The company targets the development of drugs for cancer treatment. The company holds dozens of patents and has entered into partnerships with other companies including Glaxo Smith Kline, Pfizer and Genetech.
Siegall has received numerous awards for medicine. He graduated from the University of Maryland with a bachelors in biology. He has Phd. in genetics from George Washington University.
The companies that make drugs for the market today have a lot of partners out there who help them test and distribute their products. The products are amazing because they have passed through a lot of hands, and the products keep getting even better every day because of how well they are created. Clay Siegall made Seattle Genetics into one of these partners when he started the company, and he now has a lot of partnerships with companies that actually help people.
The company is selling nearly $100 million in their own cancer drugs every year, but they also work with large firms that are going to want to know that they can trust Seattle Genetics. Seattle Genetics is very easy to trust because they have signed deals with Bayer, Progenics and CuraGen just to name a few. They have so many partners that they are able to reach more people than most testing and production firms, and they are valued at nearly a billion dollars with all their deals included.
Clay Siegall has been able to find a lot of funding for the company that has produced great cancer drugs that are paying for themselves, and he has also created an IPO for the company that gave it the extra funding it needed to get into the cancer drug realm.
Seattle Genetics is a great company for people to come to because it helps them get everything they need from drugs distributed from other providers to cancer medication. Clay Siegall believed in making his company very diverse, and that has made them a name in the industry.